Bank of England Report on Lending Figures

Recently, the Bank of England published a report on lending figures to SMEs in the UK. The data shows that bank lending to SMEs has reduced from £6bn (Nov 2011 – Oct 2012) to £3.7bn (Nov 2012 – Oct 2013). However this funding only includes information from 19 lenders (which were not specified) and does not include other types of funding such as equity and the popular crowd-funding (e.g. Crowdcube).

More recently however, The Bank of England said that net lending by banks who are taking part in its Funding for Lending Scheme had increased 300% during Q3 this year. This is encouraging news for SMEs, startups and high-growth companies, although according to John Longworth, CEO of the British Chambers of Commerce, it is still difficult for cash strapped businesses to access finance.

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